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Malta-based crypto exchange Binance has announced that it will be partnering with crypto travel startup TravelByBit to launch a cryptocurrency-backed travel reward card. This collaboration will allow users to pay cryptocurrency when booking flights on select major booking sites, the announcement read.
The startup’s reward system works just like traditional cards, with users being rewarded with exclusive travel deals and discounts depending on activity. The cryptocurrencies that are included in the reward system are Bitcoin (BTC), Binance USD (BUSD), Binance Coin (BNB) and Ontology (ONT).
As for the travel sites, they are Booking.com, Expedia, Agoda, and Ctrip, as well as TravelbyBit’s own platform. Commenting on the partnership, TravelByBit CEO Caleb Yeoh said that this aims to provide the cryptorati a more affordable way to use cryptocurrencies for travel purposes.
Initial regions that will be covered
“Many businesses that accept crypto for their services charge users a high premium, which poses a significant barrier to adoption. At TravelbyBit, we want to make crypto useable, provide incentives for early adopters, and see crypto adoption grow. We are excited to work closely with Binance to bring crypto payments to travelers around the globe,” Yeoh said.
The project is slated for launch in early 2020, with Europe, Australia, and Southeast Asian regions included in the initial phase. Other territories are to follow once expansion takes place.
Cryptocurrency proliferates in the travel industry
Cryptocurrency being used in the airline and booking industry has gained significant ground in recent years. A couple of weeks ago, bitcoin payment app Fold announced that it has partnered with Airbnb that will allow travelers to pay bitcoin when using the home-sharing service.
What’s more, Fold will incentivize users with a 3% bitcoin reward every time it books a place with Airbnb. Fold CEO Will Reeves said that the global payment service is in need of a major upgrade and cryptocurrencies could be the key to pushing its evolution forward.
“We believe that Bitcoin provides a fundamentally better way to pay, one that preserves privacy, resists censorship and is natively global. To this end, we build products that make spending bitcoin a no-brainer, making it as easy to use, rewarding and widely accepted as a credit card," Reeves said.
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